(Yicai) Aug. 20 -- Volant, a Chinese electric vertical take-off and landing aircraft startup, has secured USD100 million in a Series A++++ financing round.

The fundraiser was led by Beijing Robot Industry Development Investment Fund, Shanghai-based Volant announced yesterday. Yanchuang Group and Shougang Fund's equity investment platform Shoucheng Holdings, also participated. 

The proceeds will be used to speed up the development and manufacturing of eVTOL aircraft, the airworthiness certification of the VE25-100 model, and promote the commercialization of high-level commercial passenger eVTOL vehicles, Volant noted.

Although Volant was set up just three years ago, its research and development process and capital utilization are among the top in the world, said Chen Weizhi, managing director of Yanchuang. The firm, which focuses on developing high-grade commercial passenger eVTOL aircraft, will surely have a huge market considering the trillion-dollar low-altitude sector, Chen added.

Established in 2021, Volant's main model is the purely electric VE25 that can accommodate five people. The company has inked deals and intention orders for over 700 aircraft worth CNY15 billion (USD2.1 billion) with several firms, covering low-altitude sightseeing, training, short-distance transport, freight, emergency rescue, and urban travel scenarios.

CDH Investments, Huaqiang Capital, QF Capital, and Legend Capital took part in Volant's Series A financing round.

China is vigorously supporting the domestic aviation supply chain. In March, the low-altitude economy was mentioned in the government work report for the first time, defining it as a new growth engine. The 20th Central Committee of the Communist Party of China suggested "developing general aviation and low-altitude economy" in the resolution adopted at its third plenary session on July 21.

Editor: Martin Kadiev